BGC Group, Inc. (formerly BGC Partners ) is an American global financial services company based in New York City and London . Originally formed as part of the larger Cantor Fitzgerald organization, BGC Partners became its own entity in 2004.
53-409: In 1945, Bernard Gerald Cantor founded a brokerage service for inter-dealer fixed-income markets. The resulting company was B.G. Cantor and Company, which later became Cantor Fitzgerald . In 1965 Cantor Fitzgerald established an Institutional Equities Sales and Trading Division, which offers large block trading to asset managers, pension funds, and portfolio managers. In 1983, Cantor Fitzgerald became
106-579: A bidding war . On September 20, 2007, Borse Dubai agreed to stop competing to buy OMX in return for a 20% stake and 5 percent of votes in NASDAQ as well as NASDAQ's then 28% stake in the London Stock Exchange . In a complex transaction, Borse Dubai acquired 97.2% of OMX's outstanding shares before selling them on to NASDAQ. The newly merged company was renamed the NASDAQ OMX Group upon completion of
159-600: A Fitch analyst. Rao wrote in a report "Cantor's institutional business and BGC's financial brokerage business will remain challenged in the medium term because of lower trading volume". Two days later Zeke Faux published a second, much longer, article titled 'Cantor Growth Plan Sputters as 41% of Touted Hires Exit' citing that 41% of the 158 traders and bankers whose hirings Cantor announced in news releases since 2009 had left, according to industry records. On April 1, 2013, NASDAQ OMX Group agreed to acquire an electronic Treasurys marketplace from brokerage firm BGC Partners Inc. in
212-463: A cash-and-stock deal valued at as much as $ 1.23 billion. The sale caused BGC to see the biggest gain in stock prices since going public in December 1999. The assets sold to Nasdaq in this deal represented $ 100 million in sales in 2012, less than 6% of BGC's overall total. On October 2, 2013 BGC's subsidiary BGC Derivative Markets, L.P. launched operations as a Swap Execution Facility (SEF), consistent with
265-705: A civil court ruling that Verrier led an unlawful poaching conspiracy against rival interdealer broker Tullett Prebon and did not tell the truth about it in court. Also in May 2012 a story was published by the New York Daily News under the headline 'Cantor Fitzgerald VP was boss from hell, secretary says in suit' which reported on a lawsuit brought against the company by former employee Crystal Mitchell. Mitchell worked as an executive assistant to Michael Lampert at BGC USA, an affiliate of Cantor Fitzgerald, in March 2011. According to
318-567: A further 0.4% of shareholders accepted the offer by the deadline and therefore the offer was rejected on February 10, 2007. On October 2, 2007, Nasdaq purchased the Boston Stock Exchange . On November 7, Nasdaq announced an agreement to purchase the Philadelphia Stock Exchange . On May 25, 2007, NASDAQ agreed to buy OMX for US$ 3.7 billion. In August, however, Borse Dubai offered US$ 4 billion, prompting speculation of
371-608: A joint venture with state-owned China Credit Trust based in Beijing . In May 2012 the Financial Services Authority , Britain's financial regulator, announced its decision to prohibit Anthony Verrier (a senior executive at BGC) from performing any function in relation to any regulated activity in the financial services industry. The FSA stated it believes that Verrier is not a fit and proper person due to concerns over his honesty, integrity and reputation. Its decision followed
424-460: A management suite for boards of directors. GlobeNewswire (previously PrimeNewswire) provides press release, editing and wire services. It was founded in 1998 and acquired by NASDAQ OMX in 2006. It was sold to Intrado in April 2018. On July 27, 2010, NASDAQ OMX Group, Inc. acquired SMARTS Group, a provider of market surveillance systems to exchanges, regulators and brokers. SMARTS Group had been
477-875: A merger is currently called Oslo Børs VPS Holding ASA . Nasdaq has, however, publicly stated its interest in eventually acquiring the Oslo Stock Exchange. In November 2007, OMX acquired the Armenian Stock Exchange and the Central Depository of Armenia . In December 2005, OMX started First North , an alternative exchange for smaller companies, in Denmark . The First North exchange expanded to Stockholm in June 2006, Iceland in January 2007 and Helsinki in April 2007. The Markets Technology division of Computershare
530-663: A private auction of share sale. Nasdaq did not participate in the auction due to the hostile nature of the bid (held without Oslo Børs boards knowledge or approval). Euronext won the auction, and later secured another 24.6% of shareholder support, totaling 49.6%. Following this, Nasdaq acquired 32.5% shares in open market (mainly from individual shareholders/employees), and submitted an official bid, with unanimous recommendations from board and some key shareholders, to acquire remaining shares for 152 NOK, and later increased offer to 158 NOK (or almost 44% premium of December 17, 2018 closing price, to match Euronext offer), additionally making
583-653: A private company operating in Sydney, Australia, incorporating the market analysis software of Michael James Aitken . By 2017 SMARTS remained the leading market surveillance software, and was employed by thirteen regulators on forty-five exchanges. NASDAQ OMX sold its stake in the Carpenter Moore D&;O Insurance in 2009. The following exchanges are operated by Nasdaq, Inc.: The company's stock market activities are categorized into three divisions: In North America, OMX supports its most high-profile customers such as
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#1733084992213636-516: A total of $ 180 million (and an additional $ 17 million from a relief fund run by Lutnick's sister, Edie). Until the attacks, Cantor had handled about a quarter of the daily transactions in the multi-trillion dollar treasury security market. Cantor Fitzgerald has since rebuilt its infrastructure, partly through the efforts of its London office, and now has its headquarters in Midtown Manhattan . The company's effort to regain its footing
689-545: A virtual European stock exchange called Jiway. The project was not successful and was canceled on October 14, 2002. On September 3, 2003, the Helsinki Stock Exchange (HEX) merged with OM, and the joint company became OMHEX . On August 31, 2004, the brand name of the company was changed to OMX. OMX then acquired the Copenhagen Stock Exchange in January 2005 for €164 million. On September 19, 2006,
742-492: A week. On September 19, Cantor Fitzgerald made a pledge to distribute 25% of the firm's profits for the next five years, and it committed to paying for ten years of health care for the benefit of the families of its 658 former Cantor Fitzgerald, eSpeed, and TradeSpark employees (profits that would otherwise have been distributed to the Cantor Fitzgerald partners). In 2006, the company had completed its promise, having paid
795-652: Is headquartered in New York City, and its president and chief executive officer is Adena Friedman . Historically, the European operations have been known by the company name OMX AB ( Aktiebolaget Optionsmäklarna /Helsinki Stock E x change), which was created in 2003 upon a merger between OM AB and HEX plc . The operations have been part of Nasdaq, Inc. (formerly known as Nasdaq OMX Group ) since February 2008. They are now known as Nasdaq Nordic , which provides financial services and operates marketplaces for securities in
848-464: Is an American multinational financial services corporation that owns and operates three stock exchanges in the United States: the namesake Nasdaq stock exchange, the Philadelphia Stock Exchange , and the Boston Stock Exchange , and seven European stock exchanges: Nasdaq Copenhagen , Nasdaq Helsinki , Nasdaq Iceland , Nasdaq Riga , Nasdaq Stockholm , Nasdaq Tallinn , and Nasdaq Vilnius . It
901-638: The Americas , Europe , Asia-Pacific , and the Middle East . Together with its affiliates, Cantor Fitzgerald operates in more than 60 offices in 20 countries and has more than 12,500 employees. Before 2001, the company's headquarters were located between the 101st and 105th floors of the North Tower of the World Trade Center in New York City, just above the impact site of American Airlines Flight 11 during
954-640: The Financial Industry Regulatory Authority (FINRA), ICAP , ISE , and IDCG, which are powered by OMX trading systems such as X-stream, CLICK, CONDICO and SAXESS. OMX is the world's leading provider of central securities depository (CSD) technology. Its Equator CSD product is used by clients in Europe, the Middle East, Africa and the Caribbean. Central counterparty clearing (CCC) technology
1007-688: The Iceland Stock Exchange owner Eignarhaldsfelagid Verdbrefathing (EV) announced it would be acquired by OMX in a deal valuing the company at 250 million SEK . The transaction was completed by the end of the year. The company took a 10% stake in Oslo Børs Holding ASA, the owner of the Oslo Stock Exchange in October 2006. As of September 2016, Nasdaq is not a major shareholder in the Oslo Stock Exchange holding company, which following
1060-636: The Nordic and Baltic regions of Europe. OM AB ( O ptions m äklarna ) was a futures exchange founded by Olof Stenhammar in the 1980s to introduce trading in standardized option contracts in Sweden. OM acquired the Stockholm Stock Exchange in 1998 and unsuccessfully attempted acquisition of the London Stock Exchange in 2001. During the dot-com bubble in the early 21st century, OM, together with investment bank Morgan Stanley Dean Witter , launched
1113-595: The Piers Morgan Live TV show and pledged to donate $ 2 million to families affected by the tornado. The donation was given out in the form of $ 1,000 debit cards given out to area families. In 2012 the company became the title sponsor of the Masters snooker tournament. Cantor Fitzgerald Cantor Fitzgerald, L.P. is an American financial services firm that was founded in 1945. It specializes in institutional equity, fixed-income sales and trading, and serving
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#17330849922131166-641: The Port Authority Police Department , the New York City Fire Department , or the Department of Defense . Forty-six contractors, food service workers, and visitors in the Cantor Fitzgerald offices at the time were also killed. CEO Howard Lutnick was not present that day, but his younger brother, Gary, was among those killed. Lutnick vowed to keep the company alive, and the company was able to bring its trading markets back online within
1219-472: The Port Authority of New York and New Jersey . Most of the claims against Saudi Arabia were dismissed on January 18, 2005. In December 2013, Cantor Fitzgerald settled its lawsuit against American Airlines for $ 135 million. Cantor Fitzgerald had been suing for loss of property and interruption of business by alleging the airline to have been negligent by allowing hijackers to board Flight 11 . In 2003,
1272-492: The September 11 attacks . 658 Cantor Fitzgerald employees who were present that day were killed, representing the largest loss of life among any single organization in the attacks. Cantor Fitzgerald was formed in 1945 by Bernard Gerald Cantor and John Fitzgerald as an investment bank and brokerage business. It later became known for its computer-based bond brokerage, the quality of its institutional distribution business model, and
1325-457: The 101st to the 105th floors of 1 World Trade Center in Lower Manhattan (2 to 6 floors above the impact zone of American Airlines Flight 11 ), were destroyed during the September 11, 2001 attacks . At 8:46:46 a.m., eighteen seconds after the plane struck the tower, a Goldman Sachs server issued an alert saying that its trading system had gone offline because it could not connect with
1378-585: The Cantor Fitzgerald Relief Fund among other charities. In 2007, BGC Partners opened an office in Seoul, South Korea and became the first inter-dealer broker to open an office in Istanbul, Turkey. In 2008, BGC Partners merged with eSpeed and becomes BGC Partners Inc. In November 2009, BGC Partners won Asia Risk Magazine's first ever award for Technology Development. In 2010, BGC Partners entered into
1431-505: The Downtown Financial District. The company and its associated businesses also operate offices around the world: BGC Charity Day was founded in 2005 to raise money for the Cantor Fitzgerald Relief Fund and other nonprofits as a way to honor the victims of 9/11. Each year on or near September 11, BGC Charity Day brings in celebrities, athletes and politicians alike to man their phones and speak with clients, with all revenue from
1484-560: The Oslo Børs battle, handing Euronext the victory. In June 2023, Nasdaq announced that it had agreed to acquire Adenza from Thoma Bravo in a $ 10.5 billion cash-and-stock deal, the biggest for the US exchange operator to date. As part of the deal, Thoma Bravo would get a 15 percent stake in Nasdaq. NASDAQ Inc. partners with stock exchanges all over the world. One of the most recent partnerships
1537-472: The Relief Fund "adopted" 19 elementary schools in impacted areas by distributing $ 1,000 prepaid debit cards to each family from the schools. A total of $ 10 million in funds was given to families affected by the storm. Two days after the 2013 Moore tornado struck Moore, Oklahoma , killing 24 people and injuring hundreds, Lutnick pledged to donate $ 2 million to families affected by the tornado. The donation
1590-660: The World Trade Center. In response to the attacks, BGC Partners and Cantor Fitzgerald pledged to donate 25% of their profits to families of deceased employees. BGC Partners was formed in 2004 when Cantor Fitzgerald spun out its voice brokerage business. The initials BGC stand for that company's founder, Bernard Gerald Cantor. In April 2005, BGC Partners LP merged with Maxcor Financial Group Inc. to form BGC Partners. In September 2005, BGC Partners held their first annual Charity Day event. The event featured Harry Carson , Boomer Esiason , and Mariano Rivera and raised money for
1643-425: The case to Norway's markets regulator that in cases like this, 2/3 of the share control may be necessary to comply with any applicable regulatory requirement. In the end the regulator did not side with the two-thirds requirements, and general majority was deemed to be applicable. Euronext by that time had acquired or secured control of 50.5% shares, and Nasdaq had announced on May 25, 2019, that they were pulling out of
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1696-545: The day being donated to charities of choice. The Charity Day event has also spread beyond New York to all of BGC Partners' international offices. When Hurricane Sandy hit the New York and New Jersey coasts in October 2012, damages quickly totaled in the billions, with thousands of family homes completely destroyed along beach properties. A Hurricane Sandy Family Relief Program was established and funded largely by BGC Partners and Cantor Fitgerald's Charity Day efforts. $ 10 million in
1749-616: The deal on February 27, 2008. On June 18, 2012, NASDAQ became a founding member of the United Nations Sustainable Stock Exchanges initiative on the eve of the United Nations Conference on Sustainable Development (Rio+20) . On December 12, 2012, NASDAQ OMX announced that it would acquire parts of Thomson Reuters for $ 390 million in cash. This deal included its investor relations , public relations and multimedia businesses. NASDAQ OMX completed
1802-724: The derivatives trading regulations under the Dodd-Frank Act. This followed BGC receiving CFTC approval to operate a Swap Execution Facility in September 2013. In February 2017, BGC bought London based Lloyd's insurance broker, Besso Ltd. In January 2019, Ed Broking Ltd, another London headquartered Lloyd's insurance broker was added to the Group. On July 3, 2023, the company changed its ticker from BGCP to BGC. The company's global headquarters are in Midtown, New York City, while it also has an office in
1855-564: The discrimination suit, she says she complained about the treatment to human resource managers — but her pleas for help were ignored. In October 2012 the New York Post ran an article entitled 'Cantor, Moody's Dogfight' reporting on a 'feud' between the company and Moody's Investors Service . The article stated that Cantor Fitzgerald and Moody's had been feuding for months over differing opinions of Cantor's profitability. In July 2012 Cantor terminated its relationship with Moody's. In October 2012
1908-488: The firm as senior managing director and head of its investment-banking division. Edie wrote An Unbroken Bond: The Untold Story of How the 658 Cantor Fitzgerald Families Faced the Tragedy of 9/11 and Beyond . All proceeds from the book's sale benefit the Cantor Fitzgerald Relief Fund and the charities it assists. The Cantor Fitzgerald Relief Fund provided $ 10 million to families affected by Hurricane Sandy . Howard Lutnick and
1961-517: The firm launched its fixed-income sales and trading group. Three years later, the Federal Reserve added Cantor Fitzgerald & Co. to its list of primary dealers . The firm later launched Cantor Prime Services in 2009. It was meant to be a provider of multi-asset, perimeter brokerage prime brokerage platforms to exploit its clearing, financing, and execution capabilities. A year after, Cantor Fitzgerald began building its real estate business with
2014-531: The first firm to offer worldwide screen brokerage services in US Government securities. In 1991, Howard Lutnick was named president of Cantor Fitzgerald, after having worked at the firm for the previous eight years. Lutnick placed a new emphasis on technological innovation at the company, and in 1996 led the development of eSpeed, which went public in 1999. The September 11 attacks claimed 658 employees of Cantor Fitzgerald and eSpeed, whose headquarters were in
2067-435: The form of $ 1,000 debit cards were handed out to families whose homes were damaged in the storm. The eligible families were identified through nineteen schools located in areas hardest hit by the storm. Cantor Fitzgerald Slacks On 9/11 Pledge, But Promises $ 10 Million To Sandy Relief On May 20, 2013, a tornado struck Moore, Oklahoma , killing 24 people and injuring hundreds more. Two days later, Howard Lutnick appeared on
2120-626: The launch of CCRE. Cantor's affiliate, BGC Partners , expanded into commercial real estate services in 2011 by its purchase of Newmark Knight Frank and the assets of Grubb & Ellis , to form Newmark Grubb Knight Frank . On December 5, 2014, two Cantor Fitzgerald analysts were said to be in the top 25 analysts on TipRanks . Cantor Fitzgerald has a prolific special-purpose acquisition company underwriting practice, having led all banks in SPAC underwriting activity in both 2018 and 2019. In March 2016, Sage Kelly, formerly of Jefferies & Co. , joined
2173-555: The list. OMX also launched a pan-regional benchmark index known as the OMX Nordic 40 on the same date; however, the individual exchanges have also retained their own national benchmark indices. In December 2005, the London Stock Exchange Group (LSE) rejected a £1.6 billion takeover offer from Macquarie Bank . The LSE described the offer as "derisory". It then received a bid in March 2006 for £2.4 billion from NASDAQ, which
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2226-559: The market's premier government securities dealer. In 1965, Cantor Fitzgerald began "large block" sales/trading of equities for institutional customers. It became the world's first electronic marketplace for US government securities in 1972, and in 1983, it was the first to offer worldwide screen brokerage services in US government securities. In 1991, Howard Lutnick was named president and CEO of Cantor Fitzgerald; he became chairman of Cantor Fitzgerald, L.P., in 1996. Cantor Fitzgerald's corporate headquarters and New York City office, on
2279-597: The middle market with investment banking services, prime brokerage , and commercial real estate financing. It is also active in new businesses, including advisory and asset management services, gaming technology, and e-commerce . It has more than 5,000 institutional clients. Cantor Fitzgerald is one of 24 primary dealers that are authorized to trade US government securities with the Federal Reserve Bank of New York . Cantor Fitzgerald's 1,600 employees work in more than 30 locations, including financial centers in
2332-612: The purchase on June 3, 2013. In April 2017, Nasdaq launched Nasdaq Ventures, a venture investment program focused on companies that will help Nasdaq grow its product lines and open new market segments. The first 3 companies announced as part of the program are Chain, a blockchain technology company; Digital Reasoning , cognitive computing technology; and Hanweck, real-time risk analytics. During Christmas of 2018, shareholders representing 25% of Oslo Børs VPS Holding (the Norwegian Stock Exchange and national CSD operator) held
2385-448: The ratings agency dropped BGC's status to Ba2. In December 2012 Bloomberg reported that S&P cut Cantor to BBB− and left the rating for BGC Partners Inc., the company's interdealer broker affiliate, unchanged at the lowest investment grade. Two articles appeared in January 2013 written by Bloomberg journalist Zeke Faux. The first, dated January 8 was titled 'Cantor May Face Another Ratings Cut as Fitch Cites Slump' and quoted Mohak Rao,
2438-508: The seller of those shares was undisclosed, it occurred simultaneously with a sale by Scottish Widows of 2.69 million shares. The move was seen as an effort to force LSE to negotiate either a partnership or eventual merger, as well as to block other suitors such as NYSE Euronext , owner of the New York Stock Exchange . Subsequent purchases increased NASDAQ's stake to 29%, holding off competing bids for several months. However, only
2491-500: The server. Since all stairwells leading past the impact zone were destroyed by the initial crash or blocked with smoke, fire, or debris, every employee who reported for work that morning was killed in the attacks; 658 of its 960 New York employees were killed or missing, or 68.5% of its total workforce, which was considerably more than any of the other World Trade Center tenants , the New York City Police Department ,
2544-467: The suit filed by her lawyer David Harrison, her boss once threw a cup of tea at her because she hadn't removed the teabag. "The boiling hot liquid spilled on [Mitchell], burning her stomach and upper leg, and staining her clothes." the suit said, adding that "Almost daily, Lampert humiliated and degraded Mitchell, yelling at her as if she was inferior and calling her: 'stupid,' 'moron,' 'the dumbest person I ever met,' 'incompetent,' and 'idiot,' ". Elsewhere in
2597-502: Was acquired in 2006. The acquisition greatly expanded its product offerings and made its client list the largest of all trading system technology providers. On October 2, 2006, the group launched a virtual Nordic Stock Exchange after merging the individual lists of shares traded at its three wholly owned Nordic exchanges into a combined Nordic List. Companies listed on the Iceland Stock Exchange have also since been merged into
2650-451: Was also rejected by the LSE. NASDAQ later pulled its bid, and less than two weeks later on April 11, 2006, struck a deal with LSE's largest shareholder, Ameriprise Financial 's Threadneedle Asset Management unit, to acquire all of that firm's stake, consisting of 35.4 million shares, at £11.75 per share. NASDAQ also purchased 2.69 million additional shares, resulting in a total stake of 15%. While
2703-598: Was given to families in the form of $ 1,000 debit cards. Each year, on September 11, Cantor Fitzgerald and its affiliate, BGC Partners , donate 100% of their revenue to charitable causes on their annual Charity Day , which was initially established to raise money to assist the families of the Cantor employees who died in the World Trade Center attacks. Since its inception, Charity Day has raised $ 192 million for charities globally. The firm has many subsidiaries and affiliates, including: NASDAQ OMX Group Nasdaq, Inc.
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#17330849922132756-543: Was signed with Astana International Financial Centre (AIFC) in May 2017. According to the agreement, NASDAQ will power Kazakhstan's nascent stock exchange, the AIX (Astana International Exchange) . In January 2013, NASDAQ OMX announced that it would combine its global data products and index businesses into a unit called Global Information Services, as part of an ongoing effort to broaden its portfolio. On June 29, 2007, NASDAQ entered into an agreement to acquire DirectorsDesk .com,
2809-525: Was the subject of Tom Barbash 's 2003 book On Top of the World: Cantor Fitzgerald, Howard Lutnick, and 9/11: A Story of Loss and Renewal as well as a 2012 documentary, Out of the Clear Blue Sky . On September 2, 2004, Cantor and other organizations filed a civil lawsuit against Saudi Arabia for allegedly providing money to the hijackers and al-Qaeda . It was later joined in the suit by
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